Nixxon

Sole Proprietor FFL/SOT Transfer Question to Personal Inventory

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I was told by an FFL/SOT that NFA in the registered inventory of a Sole Proprietor on Form 5320.3 can be logged out of the business FFREG to the FFL/SOT's Personal Firearms Register. The logic behind this is that they are already registered to the FFL/SOT by virtue of the Form 5320.3. 

This is assuming the FFL/SOT is not discontinuing business, which has other guidelines.

 

Any thoughts or comments welcome.

 

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Why? As a sole proprietor you are already the owner of the gun. During the compliance inspection they will still want to see the gun. What does moving the gun from the shop inventory to your personal inventory actually do for you?

I think the only way to move the gun from the inventory to personal is when you close the business. That would be tax free like you said, you already own the gun.

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If it's in your business inventory you would likely have Year end inventory tax to pay vs . if it's in your personal inventory... no tax

That's the way I see it.

 


MSAA

FFL-01

www.sales@newmilitarysurplus.com

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1 hour ago, MSAA said:

If it's in your business inventory you would likely have Year end inventory tax to pay vs . if it's in your personal inventory... no tax

That's the way I see it.

 

Think there's only 11 states left that charge inventory tax.

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1 hour ago, b_san said:

Think there's only 11 states left that charge inventory tax.

Ten fully and four partially. That's fourteen too many. 

Looks like most of the states that still do it are in the South. 

Taxes: The bane of the working stiff.

In Liberty,

KristopherH

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#$%^ I need to move.  I hate that tax, talk about double taxation.  Paying tax on the same inventory year after year...

When I buy Military surplus it can be like 1000 pouches  and takes some time to sell off.  


MSAA

FFL-01

www.sales@newmilitarysurplus.com

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On 9/17/2020 at 4:54 PM, Nixxon said:

I was told by an FFL/SOT that NFA in the registered inventory of a Sole Proprietor on Form 5320.3 can be logged out of the business FFREG to the FFL/SOT's Personal Firearms Register. The logic behind this is that they are already registered to the FFL/SOT by virtue of the Form 5320.3. 

This is assuming the FFL/SOT is not discontinuing business, which has other guidelines.

 

Any thoughts or comments welcome.

 

I'm trying to get the opposite done, but so far the ATF has told me

1. Must use a form 4

2. just sign it into your books

3. use a form 5 to move it into you inventory.

4. just send in  form 3

who knows since the ATF doesnt know.

 

 

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